An autonomous and duly registered association of persons, with a common bond of interest, who have voluntarily joined together to achieve their social, economic, and cultural needs and aspirations by making equitable contributions to the capital required, patronizing their products and services and accepting a fair share of the risks and benefits of the undertaking in accordance with universally accepted cooperative principles.
Cooperative
Members contribute equitably to, and democratically control, the capital of their cooperatives. At least part of that capital is the common property of the cooperative. They shall receive limited compensation or limited interest, if any, on capital subscribed and paid as a condition of membership. Members allocate surpluses for any or all of the following purposes: developing the cooperative by setting up reserves, part of which should at least be indivisible; benefitting members in proportion to their partonage of the cooperative’s bubsiness; and, supporting other activities approved by the membership.
Member Economic Participation
are controlled by their members who actively participate in setting their policies and making decisions. Men and women serving as elected representatives, directors or officers are accountable to the membership. In primary cooperatives, members have equal voting rights of one-member, one-vote. Cooperatives at other levels are organized in the same democratic manner.
Democrative Member Control -
open to all persons able to use their services and willing to accept the responsibilities of membership, without gender, social, racial, cultural, political or religious discrimination.
Voluntary and Open Membership
provide education and training for their members, elected and appointed representatives, managers, and employees, so that they can contribute effectively and efficiently to the development of their cooperatives.
Education, Training and Information
serve their members most effectively and strengthen the cooperative movement by working together through local, national, regional and international structures.
Cooperation Among Cooperatives
work for the sustainable development of their communities through policies approved by their members.
Concern for Community
includes a person either natural or juridical who adhering to the principles set forth in this Code and in the Articles of Cooperative, has been admitted by the cooperative as member
Member
full membership of the cooperative duly assembled for the purpose of exercising all the rights and performing all the obligations pertaining to cooperatives, as provided by this Code, its articles of cooperation and bylaws:
General Assembly
body entrusted with the management of the affairs of the cooperative under its articles of cooperation and bylaws
Board of Director
any body entrusted with specific functions and responsibilities under the bylaws or resolution of the general assembly or the board of directors
Commitee
means the operative act granting juridical personality to a proposed cooperative and is evidenced by a certificate of registration
Registration
government agency in charge of the registration and regulation of cooperatives as such hereinafter referred to s the Authority;
Cooperative Development Authority
Full membership of a body of representatives elected by each of the sectors, chapter or district o the cooperative duly assembled for the purpose of exercising such powers lawfully delegated unto them by the general assembly in accordance with its bylaws
Representative Assembly
shall include the members of the board of directors, members of the different committee created by the general assembly, general manager or chief executive officer, secretary, treasurer and members holding other positions as may be provided for in their bylaws
Officers of the Cooperative
a procedure wherein the cooperative assesses its social impact and ethical performance vis-à-vis its stated mission, vision, goals and code of social responsibility for cooperatives to be established by the Authority in consultation with the cooperative sector. It enables the cooperative to develop a process whereby it can account for its social performance and evaluate its impact in the community and be accountable for its decisions and actions to its regular members
Social Audit
shall refer to an audit on the efficiency and effectiveness of the cooperative as a whole; its management and officers; and its various responsibility centers as basis for improving individual team or overall performance and for objectively informing the general membership on such performance
Performance Audit
shall include cooperative undertaking activities which are related to its main line of business or purpose
Single-Line or Single-Purpose Cooperative
Are those which provide any type of service to its members, including but not limited to, transport, information and communication, insurance, housing, electric, health services, education, banking, and savings and credit
Service Cooperatives
It refers to three or more primary cooperatives, doing the same line of business, organized at the municipal, provincial, city, special metropolitan political subdivision, or economic zones created by law, registered with the Authority to undertake business activities in support of its member-cooperatives.
Subsidiary Cooperative
Registered cooperatives and federations at the appropriate levels may organize or join cooperative unions to represent the interest and welfare of all types of cooperatives at the provincial, city, regional, and national levels.
Cooperative Union
one who has complied with all the membership requirements and entitled to all the rights and privileges of membership
Regular Member
one who has no right to vote nor be voted upon and shall be entitled only to such rights and privileges as the bylaws may provide
Associate Member
